Paul has $22.25 of income to spend on two goods, Twinkies (q, ) and Pepsi (a2).Paul cannnot afford a bundle (91 , 92) = (5 , 10) by spending his entire income.If the price of Twinkies is $2.85, then the price of Pepsi isO A. at leastO B. at mostOC.D. equal to(round your answer to two decimal place), and the slope of Paul's budget line (with q1 on horizontal axis) isA. less thanO B. equal toOC.O D. greater than(round your answer to two decimal place).

Paul can afford 5 twinkies worth $2.85 each. It costs him 2.85*5=14.25. The rest of his income is…

Answered: Paul has $22.25 of income to spend on…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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I need it in words not handwritten and don't copy from other place pleaseee do itttt your own solution
1
6 If someone has an income of 20 and he wants to buy Pepsi and hamburgers. Hamburgers are sold in an unusual way. There is only one supplier and the more hamburgers he buys, the higher the price per unit. So, hamburgers cost is a total of 2h^2 (squared) for hamburgers. Pepsi is sold at a price of $2. 1. In this case, write out the budget constraint of hamburgers and Pepsi. 2. His utility function is u(h,p) = 12h + 4p. Draw his 1) budget line and 2) a few indifference curves on a graph. 3. What is the optimal bundle for him?
PLZ SOLVE ASAP
Total Total Utility Utility 6 10 10 14 13 15 15 15 16 7 30. If the consumer has only $8 to spend, what would be the optimal consumption of both goods for this consumer? Githe O HD C Number of Colas 1 2 3 4 D 5 a. 4 colas and 2 burgers. b. 5 colas and 1 burger. c. 2 colas and 3 burgers. d. 4 colas and 4 burgers. MUC 6 4 3 2 1 MU/S 6 4 3 2 1 Number of Burgers 1 2 3 4 5 MUb wwwww 10 4 1 0 -8 MU/$ 5 2 0.5 0 -4
E2
pls solve asap
In two commodities world, utility function for a consumer and her income are given respectively. 11 U = x2y2 I= 480 If the price of these goods are Px= 15 and P, = 60 what would be her demand for these two goods * =? and y =? If the price of first good P has increased from 15 to 60. To keep her utility fixed how much does she need to spend for these two goods at least. In other words what should be her minimum income.
Quantity X (unit) Quantity Y (unit) Ux (util) Uy (util) 1 1 15 12 2 2 26 21 3 3 35 27 4 4 41 32 5 5 45 35 48 37 Table 1.1 Assume the price of Good X is RM2 per unit and the price of Good Y is RM1 per unit. With RM13 of income, the household intends to spend all the income on both goods. a. Compute the marginal utility for each quantity in Table 1.1. b. Solve the utility maximizing problem by identifying the number of Good X and Good Y that the household should purchase (based on marginal utility per price).
Question #1. Lisa's level of satisfaction for the consumption of apples at college is given by the following Units Total Utility, TU Marginal Utility, MU MU/$ 0 0 1 20 2 35 3 45 4 50 5 50 6 45 35 a. Fill in the missing MU entries above b. Let apples sell for $0.50 each. Determine Lisa's MU per dollar, MU/$, and fill in the missing entries above
4. Tim wants to maximise his utility given his utility function of U(A, B) = A²B4. He faces the following prices and income: PA = 25; PB = 20; M = 250. However, a change in the price of good A to PA = 22 will change his optimal bundle. If he is only interested in being able to consume his original bundle of goods, how much income would he need after the price change? (a) Tim would require £54 less income (b) Tim would require £18.33 more income (c) Tim would require £10 less income (d) Tim would require £16.66 more income (e) Tim would require £16.66 less income
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